By 2030, 74 million Americans, representing more than 20% of the overall population, will be 65 years of age or more. Those 85 and above
constitute the nation’s fastest-growing demographic group. Unfortunately, absent a comprehensive and sustained national response, the well-being and
safety of millions of older Americans will be jeopardized by the following realities:
- The current supply of housing that is affordable to the nation’s lowest-income seniors is woefully inadequate. As more low-income Americans enter the senior ranks, this supply shortage — currently measured in millions of units — will become even more acute.
- The overwhelming majority of seniors say they wish to “age in place” in their own homes and communities. Yet most homes and communities lack the structural features and support services that can make living there independently a safe, realistic option.
- About 70 percent of adults over 65 will eventually require help with bathing, food preparation, dressing, and medication management—
assistance that is referred to as “long-term services and supports,” or LTSS. Medicare does not cover LTSS, though the costs of this care can consume a large portion of a household’s budget. In addition, only a small minority of Americans has long-term care insurance covering these expenses.- Personal savings are a critical source of retirement funding, but for millions of seniors these savings will fall far short of what is necessary to pay for housing, modifications to make homes safer, LTSS, health care, and other retirement needs.
